In this article, we will look at the 50 Biggest Economies in the World by the End of 2024.
A Brief Analysis of the World Economic Outlook
According to the United Nations, the global economic outlook has improved since January. The global economy is now forecasted to grow at 2.7% during the year against the previous forecast of 2.4%. The improved economic outlook in Q2 of 2024 is mainly due to strong economic performance in the United States backed by a strong labor market delivering real income growth. Other major economies including the European Union and the United Kingdom are bringing down inflation without triggering a recession or increasing unemployment, and an improved economic prospect for large developing economies such as India and Brazil also fosters global growth.
The near-term economic prospects of major countries are diverse and the overall global economic projections are cautious due to higher interest rates, escalating geo-political risks, and worsening climate change risks. For instance, growth prospects for two of the largest economies in the world, the United States and China vary. While the economic growth in the United States continues to improve from 1.4% during the start of 2024 to 2.3% in June, growth in China is expected to moderate from 5.2% in 2023 to 4.8% in 2024, mainly due to the risks from the property sector of China and the pent up in consumer demand after the lifting of pandemic restrictions. However, the enhanced policy support by the government is forecasted to boost investment in infrastructure and strategic sectors in China. If you want to read more about the global economies you can also look at the 24 Fastest Growing Economies in the World in 2024.
Can AI be a Game Changer for the Global Economy
According to International Data Corporation (IDC), the global AI software market was valued at $64 billion in 2022 and is forecasted to grow at a compound annual growth rate of 31.4% to reach $251 billion by 2027. Moreover, the global revenues for the AI market are projected to grow at a CAGR of 19% to reach $900 billion by 2026. According to the Bank of America, AI and Big Data have the potential to contribute approximately $15.7 trillion to the global economy by 2030, whereas open data is forecasted to add around $3.2 trillion to $5.4 trillion in economic value to the global economy by increasing productivity, improving the healthcare, and reducing emissions.
AI can boost the world economic outlook in three ways, firstly by increasing labor productivity by approximately 40% via automation, secondly, the problem-solving and self-learning ability of AI will increase its utility over time for economies and companies with high AI adoption rates. Lastly, it has the potential to drive public and private investments. According to McKinsey, funding for generative AI went up by 71.4% YoY in 2022. Moreover, the global private investment in AI increased by 48% in 2021 and amounted to $93.5 billion, almost double the total private investment when compared to 2020.
Developed economies including North America and China are forecasted to witness the biggest gains from AI. According to PwC, AI can enhance the GDP of China and the US by 26.1% and 14.5% by 2030, respectively, mainly due to their advanced technological infrastructure and consumer readiness for AI adoption.
Microsoft Corporation (NASDAQ:MSFT) is a leading technology company globally renowned for its support software, services, devices, and office productivity tools. The company through its Azure AI and cloud services is helping other companies including CallMiner, PwC, Accenture, TCS, and many more to build their own AI solutions thereby contributing to smooth AI adoption globally.
The company delivered a record third quarter, with revenue for the intelligent cloud segment increasing the highest by 21% to $26.7 billion. Growth in the segment was mainly driven by Azure and other cloud services contributing 24% and 31%, respectively. The strategic partnership of Microsoft Corporation’s (NASDAQ:MSFT) Azure and Open AI is orchestrating a new era of AI transformation. More than 65% of the fortune 500 companies now use the Azure Open AI Service.
Microsoft is introducing new AI technologies to support companies of all scales and sizes. On April 23, Microsoft introduced Phi-3, a set of small language models (SLMs) that are most capable, cost-effective, and outperforming same-size models in the market. Companies including LTIMindtree and PwC are already using Phi-3 to access third-party APIs including those from Meta, Cohere, and Mistral. On the other hand Azure Arc, a hybrid multi-cloud management system continues to grow and support organizations such as the World Bank to streamline their cloud migrations. Azure Arc customers grew twice year-on-year and now has approximately 33,000 customers.
Overall Microsoft Corporation (NASDAQ:MSFT) witnessed an 80% increase for $100 million plus Azure deals year-over-year, whereas the number of $10 million plus deals almost doubled during the same time. For instance, on June 3, Microsoft and Hitachi, a multinational conglomerate, signed a three-year, multibillion-dollar strategic partnership for creating innovative industry solutions. Under the agreement, Hitachi will integrate various services from Microsoft including Microsoft Cloud, Azure Open AI, and GitHub Copilot into its Lumada solutions to induce growth into its business and increase the productivity of 270,000 employees.
Now that we have discussed how AI can be a potential game changer for the global economy, let’s look at the 50 biggest economies in the world by the end of 2024.
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Our Methodology
To curate the list of the 50 biggest economies in the world by the end of 2024, we used GDP current prices in 2023 and GDP growth rates in 2024 sourced from the IMF. We used the GDP per capita figures for 2023 and the expected GDP growth rates for 2024 to calculate the estimated GDP for 2024 for each country. Next, we ranked the countries in ascending order of the GDP 2024.
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50 Biggest Economies in the World by the End of 2024
50. Peru
GDP (2023): $267.585 billion
GDP Growth Rate (2024): 2.5%
GDP (2024): $274.27 billion
At the start of our list, we have Peru, a South American country. Peru ranks as the 50th biggest economy in the world by the end of 2024, with a GDP growth rate of 2.5% and a GDP of $274.27 billion in 2024.
49. Portugal
GDP (2023): $287.421 billion
GDP Growth Rate (2024): 1.7%
GDP (2024): $292.31 billion
Portugal is a European country that ranks 49th on our list of 50 biggest economies in the world by the end of 2024. It had a GDP of $287.421 billion in 2023, which is expected to grow at 1.7% to reach $292.31 billion by 2024.
48. Finland
GDP (2023): $300.499 billion
GDP Growth Rate (2024): 0.4%
GDP (2024): $301.70 billion
Finland is another European Country on our list of biggest economies in the world by the end of 2024. It had a GDP of $300.499 billion in 2023, which is expected to grow modestly at 0.4% to reach $301.70 billion by 2024 making Finland the 48th biggest economy in the world by the end of 2024.
47. Czech Republic
GDP (2023): $332.025 billion
GDP Growth Rate (2024): 0.7%
GDP (2024): $334.35 billion
The Czech Republic ranks 47th on our list. Its GDP is expected to grow at 0.7% during the year to reach $334.35 billion.
46. Chile
GDP (2023): $335.658 billion
GDP Growth Rate (2024): 2%
GDP (2024): $342.37 billion
Chile ranks as the 46th biggest economy in the world by the end of 2024, with a GDP of $342.37 billion.
45. Pakistan
GDP (2023): $338.237 billion
GDP Growth Rate (2024): 2%
GDP (2024): $345.00 billion
Pakistan is a South Asian country that will be the 45th biggest economy in the world by the end of 2024. Its GDP is expected to grow at 2% to reach $345 billion by the end of 2024.
44. Romania
GDP (2023): $345.894 billion
GDP Growth Rate (2024): 2.8%
GDP (2024): $355.58 billion
Romania ranks as the 44th biggest economy in the world by the end of 2024. The country is expected to have a GDP of $355.58 billion by the end of the year.
43. Colombia
GDP (2023): $363.616 billion
GDP Growth Rate (2024): 1.1%
GDP (2024): $367.62 billion
Colombia had a GDP of $363.616 billion in 2023, which is expected to grow at 1.1% during 2024 to reach $367.62 billion. It ranks as the 43rd country with the biggest economy in the world by the end of 2024.
42. South Africa
GDP (2023): $377.676 billion
GDP Growth Rate (2024): 0.9%
GDP (2024): $381.08 billion
South Africa will be the 42 biggest economy in the world by the end of 2024. Its GDP is forecasted to grow at 0.9% reaching $381.08 billion in 2024.
41. Nigeria
GDP (2023): $374.947 billion
GDP Growth Rate (2024): 3.3%
GDP (2024): $387.32 billion
Nigeria is an African country that had a GDP of $374.947 billion in 2023. The country’s GDP is forecasted to grow at 3.3% to reach $387.32 billion by the end of 2024 making it the 41st biggest economy in the world by the end of 2024.
40. Hong Kong
GDP (2023): $376.969 billion
GDP Growth Rate (2024): 2.9%
GDP (2024): $387.90 billion
Hong Kong is a special administrative region of China. Hong Kong’s GDP is forecasted to grow at 2.9% in 2024 to reach $387.90 billion, making it the 40th biggest economy in the world by the end of 2024.
39. Egypt
GDP (2023): $393.909 billion
GDP Growth Rate (2024): 3%
GDP (2024): $405.73 billion
Egypt ranks as the 39th biggest economy in the world by the end of 2024. Its GDP is forecasted to grow at 3% during the year to reach $405.73 billion by the end of 2024.
38. Denmark
GDP (2023): $405.199 billion
GDP Growth Rate (2024): 2.1%
GDP (2024): $413.71 billion
Denmark is a Scandinavian country in Europe that ranks 38th on our list of biggest economies in the world by the end of 2024. Its GDP is forecasted to grow at 2.1% to reach $413.71 billion by 2024.
37. Iran
GDP (2023): $403.526 billion
GDP Growth Rate (2024): 3.3%
GDP (2024): $416.84 billion
Iran ranks as the 37th biggest economy in the world by the end of 2024, with an expected GDP of $416.84 billion by the end of 2024.
36. Malaysia
GDP (2023): $415.569 billion
GDP Growth Rate (2024): 4.4%
GDP (2024): $433.85 billion
Malaysia ranks as the 36th biggest economy in the world by the end of 2024, with an expected GDP of $433.85 billion by the end of 2024.
35. Vietnam
GDP (2023): $433.702 billion
GDP Growth Rate (2024): 5.8%
GDP (2024): $458.86 billion
Vietnam had a GDP of $433.702 billion in 2023, which is expected to grow at 5.8% during 2024 to reach $458.86 billion. It ranks as the 35th country with the biggest economy in the world by the end of 2024.
34. Philippines
GDP (2023): $436.622 billion
GDP Growth Rate (2024): 6.2%
GDP (2024): $463.69 billion
The Philippines had a GDP of $436.622 billion in 2023, which is expected to grow at 6.2% during 2024 to reach $463.69 billion. It ranks as the 34th country with the biggest economy in the world by the end of 2024.
33. Bangladesh
GDP (2023): $446.349 billion
GDP Growth Rate (2024): 5.7%
GDP (2024): $471.79 billion
Bangladesh ranks as the 33rd biggest economy in the world by the end of 2024, with an expected GDP of $471.79 billion by the end of 2024.
32. Norway
GDP (2023): $485.513 billion
GDP Growth Rate (2024): 1.5%
GDP (2024): $492.80 billion
Norway ranks as the 32nd biggest economy in the world by the end of 2024, with an expected GDP of $492.80 billion by the end of 2024.
31. Singapore
GDP (2023): $501.428 billion
GDP Growth Rate (2024): 2.1%
GDP (2024): $511.96 billion
Singapore had a GDP of $501.428 billion in 2023, which is expected to grow at 2.1% during 2024 to reach $511.96 billion. It ranks as the 31st country with the biggest economy in the world by the end of 2024.
30. Israel
GDP (2023): $509.478 billion
GDP Growth Rate (2024): 1.6%
GDP (2024): $517.63 billion
Israel ranks as the 30th biggest economy in the world by the end of 2024, with an expected GDP of $517.63 billion by the end of 2024.
29. Austria
GDP (2023): $519.71 billion
GDP Growth Rate (2024): 0.4%
GDP (2024): $521.79 billion
Austria had a GDP of $519.71 billion in 2023, which is expected to grow at 0.4% during 2024 to reach $521.79 billion. It ranks as the 29th country with the biggest economy in the world by the end of 2024.
28. United Arab Emirates
GDP (2023): $504.173 billion
GDP Growth Rate (2024): 3.5%
GDP (2024): $521.82 billion
The United Arab Emirates is a Middle Eastern Country that ranks as the 28th country with the biggest economy in the world by the end of 2024.
27. Thailand
GDP (2023): $514.945 billion
GDP Growth Rate (2024): 2.7%
GDP (2024): $528.85 billion
Thailand ranks 27th on our list. Its GDP is expected to grow at 2.7% during the year to reach $528.85 billion.
26. Ireland
GDP (2023): $545.787 billion
GDP Growth Rate (2024): 1.50%
GDP (2024): $553.97 billion
Ireland is another European Country on our list of biggest economies in the world by the end of 2024. It had a GDP of $545.787 billion in 2023, which is expected to grow at 1.50% to reach $553.97 billion by 2024 making Ireland the 26th biggest economy in the world by the end of 2024.
25. Sweden
GDP (2023): $593.268 billion
GDP Growth Rate (2024): 0.2%
GDP (2024): $594.45 billion
Sweden is a European country that ranks 25th on our list of 50 biggest economies in the world by the end of 2024. It had a GDP of $593.268 billion in 2023, which is expected to grow at 0.2% to reach $594.45 billion by 2024.
24. Argentina
GDP (2023): $654.892 billion
GDP Growth Rate (2024): -2.8%
GDP (2024): $636.56 billion
Argentina’s GDP is expected to decline by -2.8% during the year to $636.56 billion. However, it still ranks 24th on our list of 50 biggest economies in the world by the end of 2024.
23. Belgium
GDP (2023): $630.11 billion
GDP Growth Rate (2024): 1.2%
GDP (2024): $637.67 billion
Belgium is another European country on our list of biggest economies in the world by the end of 2024. It had a GDP of $630.11 billion in 2023, which is expected to grow at 1.2% to reach $637.67 billion by 2024 making Belgium the 23rd biggest economy in the world by the end of 2024.
22. Taiwan
GDP (2023): $756.592 billion
GDP Growth Rate (2024): 3.1%
GDP (2024): $780.05 billion
Taiwan is another special administrative unit of China that ranks 22nd on our list of the 50 biggest economies in the world by the end of 2024.
21. Poland
GDP (2023): $808.435 billion
GDP Growth Rate (2024): 3.1%
GDP (2024): $833.50 billion
Poland, a European country, ranks 21st on our list of 50 biggest economies in the world by the end of 2024. It is expected to have a GDP of $833.50 billion by the end of 2024.
20. Switzerland
GDP (2023): $885.141 billion
GDP Growth Rate (2024): 1.3%
GDP (2024): $896.65 billion
Switzerland ranks as the 20th biggest economy in the world by the end of 2024. Its GDP is forecasted to grow by 1.3% in 2024.
19. Saudi Arabia
GDP (2023): $1.068 trillion
GDP Growth Rate (2024): 2.6%
GDP (2024): $1.095 trillion
Saudi Arabia had a GDP of $1.068 trillion in 2023 which is forecasted to grow by 2.6% to reach $1.095 trillion by 2024.
18. Netherlands
GDP (2023): $1.117 trillion
GDP Growth Rate (2024): 0.6%
GDP (2024): $1.124 trillion
Netherlands GDP is forecasted to grow by 0.6% in 2024 to reach $1.124 trillion by 2024, making it the 18th biggest economy in the world by the end of 2024.
17. Türkiye
GDP (2023): $1.108 trillion
GDP Growth Rate (2024): 3.1%
GDP (2024): $1.143 trillion
Türkiye ranks as the 17th biggest economy in the world by the end of 2024. Its GDP is forecasted to grow by 3.1% in 2024.
16. Indonesia
GDP (2023): $1.371 trillion
GDP Growth Rate (2024): 5%
GDP (2024): $1.440 trillion
Indonesia is an Asian country that ranks 16th on our list of 50 biggest economies in the world by the end of 2024. It is expected to have a GDP of $1.440 trillion by the end of 2024.
15. Spain
GDP (2023): $1.581 trillion
GDP Growth Rate (2024): 1.9%
GDP (2024): $1.611 trillion
Spain makes it to the top 15 biggest economies in the world by the end of 2024. It had a GDP of $1.581 trillion in 2023, which is expected to grow at 1.9% to reach $1.611 trillion by 2024.
14. South Korea
GDP (2023): $1.712 trillion
GDP Growth Rate (2024): 2.3%
GDP (2024): $1.752 trillion
South Korea ranks as the 14th biggest economy in the world by the end of 2024. It is an Asian country that is forecasted to have a GDP of $1.752 trillion in 2024.
13. Australia
GDP (2023): $1.742 trillion
GDP Growth Rate (2024): 1.5%
GDP (2024): $1.768 trillion
Australia had a GDP of $1.742 trillion in 2023, which is expected to grow at 1.5% during 2024 to reach $1.768 trillion. It ranks as the 13th country with the biggest economy in the world by the end of 2024.
12. Mexico
GDP (2023): $1.789 trillion
GDP Growth Rate (2024): 2.4%
GDP (2024): $1.832 trillion
Mexico will be the 12 biggest economy in the world by the end of 2024, with a GDP of $1.832 trillion.
11. Russia
GDP (2023): $1.997 trillion
GDP Growth Rate (2024): 3.2%
GDP (2024): $2.061 trillion
Russia had a GDP of $1.997 trillion in 2023, which is expected to grow at 3.2% during 2024 to reach $2.061 trillion. It ranks as the 11th country with the biggest economy in the world by the end of 2024.
10. Canada
GDP (2023): $2.140 trillion
GDP Growth Rate (2024): 1.2%
GDP (2024): $2.166 trillion
Canada will make it to the top 10 biggest economies in the world by the end of 2024. Its GDP is forecasted to grow at 1.2% to reach $2.166 trillion in 2024.